Murrey Math Lines 20.05.2016 (EUR/USD, USD/CHF)
20.05.2016
Analysis for May 20th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has been able to stay inside the “oversold zone” under the 0/8 level after all. Earlier, Super Trends, formed “bearish cross” and the price started the current descending movement. The closest target for sellers is the -2/8 level. If this level is broken, the lines at the chart will be redrawn.
At the H1 chart, the price is also moving at the bottom. Eurodollar rebounded from the H1 Super Trend several times, which means that it may continue falling. However, there is a possibility that the current flat may continue as well. In this case, bears may return to the market after the price rebounds from the 0/8 level again.
USD CHF, “US Dollar vs Swiss Franc”
Just as we expected earlier, the lines at the H4 chart have been redrawn. As a result, a new target is the 8/8 level. However, there is still a possibility that the local correction may start; it’s target is the H4 Super Trend.
At the H1 chart, the lines have been redrawn as well and the price has been able to stay above the 2/8 level. Consequently, on Friday the pair may continue growing to reach the next target at 4/8 level.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.